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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
BUILDING SOCIETIES FUND
BILL 1992
Queensland
BUILDING SOCIETIES FUND BILL 1992
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
3 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Act binds Crown . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PART 2--BUILDING SOCIETIES FUND
5 Establishment of fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Purpose of fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
7 The Building Societies Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
8 Investment of money in fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
9 Payment out of the fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
10 Report by QOFS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 3--PAYMENT TO CONTINUING BUILDING SOCIETIES
11 Payment to continuing building societies . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 4--AMENDMENT OF BUILDING SOCIETIES ACT 1985
12 Amendment of Building Societies Act 1985 . . . . . . . . . . . . . . . . . . . . . . . . . 7
PART 5--WINDING-UP OF COMBINED BOWKETT AND
BUILDING SOCIETY LIMITED
13 Winding-up of CBBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
14 No compensation payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . 10
PAYMENTS TO CONTINUING BUILDING SOCIETIES
1992
A BILL
FOR
An Act to establish a Building Societies Fund, to make provision for
the winding-up of the Combined Bowkett and Building Society
Limited, to pay amounts to continuing building societies, and for
other purposes
4
Building Societies Fund
BE IT ENACTED by the Queen's Most Excellent Majesty, by and with 1
the advice and consent of the Legislative Assembly of Queensland in 2
Parliament assembled, and by the authority of the same, as follows. 3
PART 1--PRELIMINARY 4
title 5
Short
Clause1. This Act may be cited as the Building Societies Fund Act 1992. 6
7
Commencement
Clause2. This Act commences on a day to be fixed by proclamation. 8
9
Definitions
In this Act-- 10
Clause3.
"AFIC" means the Australian Financial Institutions Commission 11
established under the Australian Financial Institutions Commission 12
Act 1992; 13
"building society" has the meaning given by section 3 of the Financial 14
Institutions (Queensland) Code; 15
"CBBS" means the Combined Bowkett and Building Society Limited; 16
"Contingency Fund" means the Permanent Building Societies 17
Contingency Fund established under the Building Societies Act 1985; 18
"continuing building society" has the meaning given by section 6(1) of 19
the Financial Institutions (Queensland) Act 1992; 20
"QOFS" means the Queensland Office of Financial Supervision 21
established under the Queensland Office of Financial Supervision Act 22
1992. 23
ct binds Crown 24
A
This Act binds the Crown in right of the State and, so far as the 25
Clause4.
legislative power of Parliament permits, the Crown in all its other capacities. 26
5
Building Societies Fund
ART 2--BUILDING SOCIETIES FUND 1
P
of fund 2
Establishment
Clause5. There is established a fund called the Building Societies Fund. 3
urpose of fund 4
P
Clause6. The purposes of establishing the Building Societies Fund are-- 5
(a) to use income earned by the Fund to defray the cost of 6
supervision incurred by continuing building societies under the 7
AFIC (Queensland) Code and the Financial Institutions 8
(Queensland) Code; and 9
(b) to contribute to the establishment and operational expenses of 10
AFIC and QOFS; and 11
(c) to pay the expenses incurred in administering the Fund. 12
Building Societies Fund 13
The
Clause7. The Building Societies Fund consists of-- 14
(a) the amount of $25 000 000, which is appropriated from the 15
Consolidated Fund for the purposes of the Fund; and 16
(b) interest and other income derived from the investment of 17
amounts standing to the credit of the Fund; and 18
(c) all other amounts lawfully paid into the Fund. 19
of money in fund 20
Investment
QOFS may invest amounts standing to the credit of the Building 21
Clause8.
Societies Fund in any way it considers appropriate. 22
out of the fund 23
Payment
There may be paid out of the capital of the Building Societies 24
Clause9.(1)
Fund all amounts required to-- 25
6
Building Societies Fund
(a) establish QOFS and fund the State's portion of the establishment 1
costs of AFIC; and 2
(b) fund the capital replacement cost (after depreciation) of assets of 3
QOFS. 4
(2) There may be paid out of the capital and income of the Building 5
Societies Fund amounts required to defray-- 6
(a) the amounts of administration levy required to be paid by 7
continuing building societies under sections 119 and 120 of the 8
AFIC (Queensland) Code; and 9
(b) the amounts of supervision levy required to be paid by continuing 10
building societies under section 95 of the Financial Institutions 11
(Queensland) Code; and 12
(c) the expenses incurred in administering the Building Societies 13
Fund. 14
eport by QOFS 15
R
As soon as practicable after, but not later than 4 months after, 16
Clause10.(1)
the end of each financial year, QOFS must give to the Minister a report on 17
the operations of the Building Societies Fund during the year. 18
(2) The Minister must cause a copy of the report to be laid before the 19
Legislative Assembly within 14 sitting days after the Minister receives the 20
report. 21
ART 3--PAYMENT TO CONTINUING BUILDING 22
P
SOCIETIES 23
to continuing building societies 24
Payment
The amount of $49 995 000 is to be paid from the 25
Clause11.(1)
Consolidated Fund (which is appropriated accordingly) to the continuing 26
building societies listed in the Schedule. 27
7
Building Societies Fund
(2) The amount to be paid to each continuing building society is the 1
amount opposite the name of the society in the Schedule. 2
(3) An amount paid to a continuing building society under this section is 3
to be paid into a statutory reserve to be kept by the society. 4
(4) An amount in the statutory reserve of a continuing building society-- 5
(a) may only be paid to members of the society on the winding-up of 6
the society; and 7
(b) may be used for any other purpose for which the capital of the 8
society may properly be used. 9
ART 4--AMENDMENT OF BUILDING SOCIETIES 10
P
ACT 1985 11
of Building Societies Act 1985 12
Amendment
The Building Societies Act 1985 is amended as set out in this 13
Clause12.(1)
section. 14
(2) At the end of section 136-- 15
insert-- 16
`(2) On the commencement of this subsection, the amount of the gross 17
assets of the Contingency Fund less $500 000 must be paid to the 18
Consolidated Fund.'. 19
(3) After section 147-- 20
insert-- 21
`Contingency Fund to be closed 22
`147A.(1) Despite section 3(1) of the Financial Institutions 23
(Queensland--Savings and Transitional Provisions) Regulation 1992, 24
when the Contingency Fund Committee determines that-- 25
(a) all claims received by it under section 147(1) have been settled; 26
and 27
8
Building Societies Fund
(b) all outstanding expenses of the Contingency Fund have been paid; 1
the Committee must pay the balance held in the Contingency Fund to the 2
Consolidated Fund. 3
`(2) On payment of the balance held in the Contingency Fund to the 4
Consolidated Fund under subsection (1), the Contingency Fund is to be 5
closed. 6
`(3) If, after the Contingency Fund has been closed, a liquidator or 7
administrator is required under section 147(4) to repay an amount to the 8
Contingency Fund, the liquidator or administrator must instead pay the 9
amount to the chief executive of the department for payment into the 10
Consolidated Fund.'. 11
ART 5--WINDING-UP OF COMBINED BOWKETT 12
P
AND BUILDING SOCIETY LIMITED 13
of CBBS 14
Winding-up
Subject to subsection (2), the winding-up of CBBS is to 15
Clause13.(1)
continue in the same way as a voluntary winding-up of a company under 16
the Corporations Law of Queensland. 17
(2) Despite anything in the Corporations Law of Queensland as it applies 18
to the winding-up of CBBS, after all liabilities of CBBS have been satisfied, 19
the property of CBBS-- 20
(a) must not be distributed to any person; and 21
(b) must be paid into the Building Societies Fund established under 22
section 5 of this Act; and 23
(c) must be used for the purposes for which the Fund is established. 24
9
Building Societies Fund
compensation payable 1
No
Compensation is not payable to a person who, but for section 13, 2
Clause14.
would have been entitled to share in the distribution of the property of 3
CBBS under the Corporations Law of Queensland as applying to the 4
winding-up of CBBS. 5
10
Building Societies Fund
CHEDULE 1
¡S
AYMENTS TO CONTINUING BUILDING 2
P
SOCIETIES 3
section 11 4
$
First Provincial Building Society Limited . . . . . . . . . . . . . . 1 920 000
Heritage Building Society Limited . . . . . . . . . . . . . . . . . . . . 8 566 000
Ipswich and West Moreton Building Society Limited . . . . . 2 591 000
Mackay Permanent Building Society Limited . . . . . . . . . . . 1 784 000
Northern Building Society Limited . . . . . . . . . . . . . . . . . . . 5 664 000
Pioneer Permanent Building Society Limited . . . . . . . . . . . 721 000
The Rock Building Society Limited . . . . . . . . . . . . . . . . . . . 2 074 000
Suncorp Building Society Limited . . . . . . . . . . . . . . . . . . . . 23 002 000
Wide Bay Capricorn Building Society Limited . . . . . . . . . . 3 673 000
© State of Queensland 1992
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